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Pineapple Energy Inc (PEGY). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a decrease in consolidated sales to $14,718,386 from $18,288,697 in the same quarter the previous year, attributed to a decline in residential contract sales.
Residential contract sales decreased by 31% due to a reduction in kilowatts installed and a decrease in average price per system, while commercial contract sales increased by 64% due to larger projects.
Consolidated gross profit decreased to $5,235,725 from $7,032,458, with gross margin slightly decreasing to 36% from 38%.
Operating expenses decreased to $6,842,462 from $8,596,808, with a reduction in selling, general and administrative expenses and amortization expense.
The company reported an operating loss of $1,606,737, compared to $1,564,350 in the previous year.
Net loss from continuing operations attributable to shareholders was $3,563,091, or $(11.77) per diluted share, compared to $2,329,053, or $(176.35) per diluted share, in the previous year.
Cash used in operating activities was $4,393,846, while cash used in investing activities was $23,631. Cash provided by financing activities was $1,183,220.
The company had a working capital deficit of $(13,243,267) as of September 30, 2024, compared to a deficit of $(6,594,834) at December 31, 2023.
Pineapple Energy noted substantial doubt about its ability to continue as a going concern due to insufficient cash to meet certain obligations, and plans to raise additional capital.
The filing details recent reverse stock splits, including a 1-for-15 split in June 2024 and a 1-for-50 split in October 2024, to meet NASDAQ listing requirements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Pineapple Energy Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.